A Burlington-based developer is testing the market for life science expansion in its hometown with plans to convert a vacant speculative office building into a lab-ready facility.

The Gutierrez Co. said Burlington BioCenter will be ready for tenant fitouts by the end of the year. The company originally broke ground on the 109,500-square-foot 4 Burlington Woods building, which is currently in shell condition, on speculation in 2014.

A joint venture with a new capital partner is the catalyst for the new life science positioning, Gutierrez Co. said. GEM Realty Capital of Chicago paid $23.4 million for the property on March 1 and Argentic Real Estate Investment of New York granted $33.2 million in mortgage financing, according to Middlesex County Registry of Deeds records.

The building will include 4 stories of LEED-certified lab-ready core and shell; interconnecting stairways; floor-to-ceiling windows; a high-performance lab infrastructure with energy efficient systems and an open design.

JLL Boston represents ownership in leasing and marketing.

“Working together with our capital partner, R.E. Dinneen Architects & Planners, and AHA Engineers we are repositioning 4 Burlington Woods to provide fully customizable lab space in a market starved for quality space that is ready for tenant buildout,” Doug Fainelli, vice president of operations with The Gutierrez Co., said in a statement.